(qlmbusinessnews.com Wed, 6th Sept, 2023) London, UK —
Rick Haythornthwaite, the former chairman of Mastercard, Railsr, and the World Wide Web Foundation, is reportedly in line to become the new chairman of NatWest Bank. This move comes as the bank seeks to recover from the controversy surrounding Nigel Farage's banking situation.
According to Sky News, Haythornwaite, who currently chairs Ocado and the AA, is expected to take over as chairman when the current chairman, Sir Howard Davies, steps down next year.
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NatWest, which is 40% owned by taxpayers, faced significant scrutiny and backlash from both the media and the government after its private bank, Coutts, decided to close Farage's account.
NatWest CEO Rose resigned following revelations that she had informed reporters that Farage did not meet the financial requirements for a Coutts account. Coutts' chief, Peter Pavel, also left the bank after a document emerged suggesting that Farage's account was frozen due to his controversial political views.
Haythornwaite is regarded as a safe choice by the government due to his previous experience overseeing the acquisition of VocaLink during his tenure at Mastercard. More recently, as the chairman of distressed embedded banking firm Railsr, Haythornwaite played a crucial role in engineering a rescue sale to a consortium of investors led by D Square Capital, preventing a complete collapse of the company.
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One of Haythornwaite's initial tasks at NatWest will be to find a replacement for Rose, whose position is currently being temporarily filled by the bank's commercial banking lead, Paul Thwaite.
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